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Broadcom says VMware deal still on track to close before deal expires in November

U.S. chip manufacturer Broadcom and cloud service provider VMware issued a joint statement stating that Broadcom’s $69 billion acquisition of VMware is expected to “still be completed soon,” but In any case, it must be completed before the merger agreement expires.

It is reported that the transaction agreement between the two companies will expire on November 26. It has been approved by regulatory authorities in Australia, Brazil, Canada, the European Union, the United Kingdom, Israel, Japan, South Africa, South Korea, etc., and has also been approved by all necessary jurisdictions. A foreign investment control license was obtained, but it does not appear to have been approved by Chinese regulators.

The companies said there are “no legal impediments to termination under U.S. merger regulations.” However, if the acquisition is terminated due to failure to obtain regulatory approval in time, Broadcom will have to pay a termination fee of US$1.5 billion.

If the Broadcom-VMware merger ultimately dies due to a lack of regulatory approval, it would mark the second time in five years that Broadcom’s merger failed because of geopolitics.

In 2018, the United States blocked Broadcom’s $142 billion acquisition of Qualcomm on the grounds that the acquisition of the American semiconductor giant by a company headquartered in Singapore at the time would raise national security concerns. Subsequently, Broadcom directly moved its headquarters to the United States.

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Stephen Cruise
Stephen Cruisehttps://www.techgoing.com
Stephen Cruise is a senior editor covering latest smartphones, EVs, PC gaming, console, and tech with 11 years of experience.

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